Some End-Of-Life Documents Washingtonians Need Now January 14, 2018 No one likes thinking about death, but unless some decisions are made before that time, emotion could get in the way of what you want to happen. Even worse, the state or a strange doctor could make important decisions instead of your family. Some of the documents we offer have immediate benefits as well. Many More
Four Types Of Living Trusts In Washington January 4, 2018 Trusts are some of the most important, and easiest to use, estate planning documents in Renton. These flexible instruments can take effect while the grantor (person who creates the trust) is still alive, or they can be part of a will. Trusts often offer significant tax advantages as well, and they often shield assets from More
Tax Reform Legislation Moves Forward in Congress, Including Major Estate Tax Changes December 25, 2017 By a vote of 51-49, the Republican majority in the United States Senate passed an overhaul of the federal tax code. The U.S. House of Representatives already passed its own version of “tax reform.” With the Senate advancing its own version of the legislation, the chances of sweeping tax reform becoming law have increased dramatically. More
Taking the Necessary Steps to Ensure a Smooth Transition to Long-Term Care December 15, 2017 One of the biggest fears older Americans have is becoming a “burden” on their loved ones later in life. They do not want to place financial strain on their children, siblings, or other relatives. This is why it is so important to have a plan in place for long term care before you actually need More
Four Important Tips You Need to Follow to Minimize the Risk of an Estate Dispute December 5, 2017 A major concern for many people is that their loved ones will get embroiled in time-consuming, and costly, litigation after they pass away. This is why it is important to take certain steps before you pass on to ensure your estate is not the subject of a lawsuit. Tip No. 1 – Compile an Exhaustive More
Overview of the Washington Estate Tax November 25, 2017 You may have heard about the estate tax on big news networks and the possibility that this tax would be repealed by Congress. However, it is important to understand that there are two estate taxes – a federal estate tax and a state estate tax. This means a repeal of the federal estate tax would More
Passing On Treasured Family History and Heirlooms November 18, 2017 In estate planning, there is an emphasis on financial assets, home property, and power of attorney. However, there needs to be an emphasis on effectively passing on family heirlooms. In fact, many disputes concerning an estate do not center on financially-valuable items, but rather treasured family possessions. Think of it this way: money can be More
Will the Federal Estate Tax Be Repealed? November 13, 2017 One of the most heavily discussed aspects of tax reform proposals currently being debated in Congress is the repeal of the federal estate tax (also commonly referred to as the “death tax”). The Senate majority recently unveiled the Tax Cuts and Jobs Act. This piece of legislation would not eliminate the estate tax entirely. Instead, More
Estate Tax Repeal Included in Proposed Tax Reform Legislation October 25, 2017 The House Committee on Ways and Means, along with the Senate Finance Committee, recently released their proposed framework for tax reform and it includes an outright repeal of the federal estate tax and generation-skipping transfer tax. In addition repealing the federal estate tax, the proposed legislation would eliminate personal exemptions and a myriad of itemizable More
Estate Planning is Not a One-Time Event October 15, 2017 Everyone, no matter their age or net worth, needs to have an estate plan. Why? Because an estate plan provides guidance to your loved ones on how your assets are to be distributed when you pass away. If you do not leave behind an estate plan, you are essentially leaving your property and heirlooms in More